Gapping up
In reaction to strong earnings/guidance:
- CDNS +13.2%, SANM +12.3%, WFT +8.1%, SRCI +6.8%, EDU +6.1%, ATI +5.9%, SLM +4.5%, WHR +4.4%, HLX +4%, CAT +4%, SAP +3.7%, HOG +3.6%, MDR +3.6%, CBI +3.1%, RUSHA +3%, VZ +2.9%, UTX +2.6%, CR +2.2%, FITB +1.9%, ZION +1.8%, AMP +1.5%, JBLU +1.5%, PHM +1.3%, KO +1.2%, LMT +1.2%
M&A news:
- MITL +8.8% (to be acquired by an investor group led by affiliates of Searchlight Capital Partners in an all-cash transaction valued at approx. $2.0 billion; MITL shareholders to receive $11.15 per share in cash)
- TRMB +4.9% (Trimble to acquire privately-held Viewpoint from Bain Capital in all-cash transaction valued at $1.2 billion - expected to be completed in Q3; expects first quarter revenue to be above the high end of the range of prior guidance)
- SHPG +4% (Shire plc: Takata (TKPYY) close to agreement to acquire SHPG following improved offer to GBP 47.00/share, according to Bloomberg)
Other news:
- EVLV +33.3% (Amazon said to have held acquisition talks with Evine Live (EVLV), according to TechCrunch)
- TNDM +3.5% (entered into distribution agreements with Australasian Medical & Scientific and New Zealand Medical & Scientific to commercialize Tandem's t:slim X2 Insulin Pump in Australia and New Zealand)
- ALNY +2.9% (announces new results from the APOLLO Phase 3 study )
- CYTK +2.8% (presents data from the Phase 2 clinical study of reldesemtiv in patients with spinal muscular atrophy)
- ZYME +2.6% (Zymeworks announced that Celgene (CELG) exercised its right to expand its collaboration agreement for the research, development, and commercialization of bispecific antibody therapeutics using Zymeworks' Azymetric platform)
- LQ +2.2% (ticking higher after Sohn announces SohnIdeaContest winner -- Andrew Walker of Rangeley Capital with LQ submission)
- NWL +2% (announced its first quarter 2018 earnings results will be released Friday, May 4; Starboard filed its definitive proxy statement as announced before the open), TSRO +2% (positive top-line results from Quadra trial of ZEJULA)
- EBAY +1.7% (eBay and PayPal finalize new payments agreement)
- PRTA +1.7% (after today's 25 point / 69% decline)
- BSX +1.3% (announces one-year data from INTREPID study on advanced, levodopa-responsive Parkinson's disease)
- AMZN +1.2% (Glenview Capital's Larry Robbins said at Sohn that rumors of Amazon moving into pharma are untrue)
- BA +1.1% (Boeing and Ryanair (RYAAY) final order for 25 additional high-capacity 737 MAX 8 airplanes worth $3 bln at current list prices)
- NTEC +1% (presents data collected from two Phase 1 studies of its proprietary Accordion Pill Carbidopa/Levodopa )
Analyst comments:
- DISCA +3.1% (upgraded to Buy from Hold at Deutsche Bank)
- IQ +2.5% (initiated with a Buy at Citigroup)
- BP +1.3% (upgraded to Buy from Neutral at Goldman)
- HD +0.8% (initiated with Outperform ratings at Wells Fargo)
- LOW +0.7% (initiated with Outperform ratings at Wells Fargo)